The Obama administration in the last 4 years has incurred $4 trillion to the national debt. Yes. And most of the debt was not with the consent of Congress.
Members in congress including Republican house speaker John Boenher have caved into the Democrats, and have offered to increase the age limit to future Medicare recipients. In addition to that, Social Security beneficiaries will see smaller cost of living adjustment in the future.
Members of Congress continue to strangle the constituents with annual pay increases of $30,000 plus lucrative benefits. (Thank you tax payers). Congress has lost touch with those that have put them into office and have no regard for those on fixed incomes.
Christopher S. Rugaber from the Washington (AP) Nov. 13, 2012 says this; middle income families would have to pay an average of about $2,000 more next year, the nonpartisan Tax Policy Center has calculated.
Up to 3.4 million jobs would be lost, the Congressional Budget Office estimates. Unemployment would reach 9.1 percent form the current 7.6 (Nov. 2012) percent. Stocks could plunge. The nonpartisan CBO estimates the total cost of the cliff in 2013 at $671 billion.
Rugaber further explains that the U.S. government has run annual budget deficits in excess of $1 trillion in each of the last four fiscal years. A report Tuesday (Nov. 10, 2012) showed the government started the 2013 budget years with a $120 billion deficit in October, suggesting a fifth $1 trillion annual deficit is likely.
Mark Vitner an economist at Wells Fargo noted that the end of the Social Security tax cut isn't technically among the changes triggered by the fiscal cliff. But, because it expires at the same time, it's included in most calculations of the fiscal cliff's effects. And it could catch many people by surprise.
"Every worker in America is going to see a reduction in their paycheck in the first pay period of 2013," according to Vitner.
An addition 20 percent of the tax increase would come from the end of about 80 tax breaks, mostly for businesses.
Defense spending would shrink 10 percent. Defense Secretary Leon Panetta has said those cuts would cause temporary job losses among civilian Pentagon employees and major defense contractors. Spending on weapon programs would be cut.
For domestic programs, like highway funding, aid to state and local government and health research spending would drop 8 percent, Education grants to states and localities; the FBI and other law enforcement; environmental protection; and air traffic controller, among others, would also be affected, the White House says.
Hospitals and doctors offices could also cut jobs if an $11 billion cut in Medicare payments isn't revised.
Extended unemployment benefits for about 2 million people would end. The extra benefits provide up to 73 weeks of aid.
As of 12/10/2012 the Democrats do not want to consider cutting Federal Unemployment benefits. Entitlements means votes for both parties.
For more on Christopher S.Rugaber's article go to; finance.yahoo.com/news/most-us-wont-able-escape-080128673.html
One item that has continued to fail in congress is the Balanced Budget Amendment Act. This amendment has been introduced into congress on numerous occasions and has failed to pass the House and the Senate. Why? Is congress afraid to live within the guide lines of a budget? You and I have to.
Fiscal Cliffs will continue to burden the tax payer, with reductions in Medicare, Social Security tax increases, and the list goes on and on.
While congress fails to take fiscal responsibility for its own actions to have a balanced budget, those on fixed incomes will suffer the greatest and will be hit the hardest.
The political deceitfulness and government waste is nothing more than a political gesticulation (gesture) of good intentions gone wrong. Political inception is now meaningless as: read it, reduce it, and repeal it.
These are campaign promises that have lost their meanings and continue to drive America in debt.
Politicians continue to walk on the backs of the people that have put them into office, with only one gesture; I'll see you in two years.
Karl Ben Weber